Extension Agreement for Series 'A' Debenture between Michael Gaynor Physiotherapy Professional Corporation and Novo Healthnet Limited

Summary

Michael Gaynor Physiotherapy Professional Corporation and Novo Healthnet Limited have agreed to extend the due date for payment of principal and interest on a CAD$387,992.14 Series 'A' Debenture originally issued in 2013. The new maturity date is December 1, 2023, with no penalties and all other terms of the original debenture remaining unchanged. This extension follows previous amendments, including a partial conversion of the debt to equity and earlier extensions. Both parties have approved the new terms as of November 2, 2021.

EX-10.38 5 ex10-38.htm

 

Exhibit 10.38

 

Michael Gaynor Physiotherapy Professional Corporation

49 Balmoral Street

Kemptville, Ontario Canada K0G 1J0

 

November 2, 2021

 

Robert Mattacchione, Chairman

Novo Healthnet Limited

3905 Major Mackenzie Drive, Suite 115

Woodbridge, Ontario L4H 4R2

 

SUBJ: CAD$387,992.14 Series ‘“A” Debenture, dated September 30, 2013, Extension of Term Due Date to December 1, 2023

 

Dear Mr. Mattacchione,

 

We want to thank you for your communication of September 28, 2021 in which your company, Novo Healthnet Limited, requested an extension of final payment with respects to the Series “A” Debenture, dated September 30, 2013 (the “Debenture”), with an original principal amount of CAD$387,992.14 and an original term due date of September 30, 2016.

 

On December 2, 2017, the parties agreed to extend the term due date, for payment of the Debentures’ principal and interest owed, to September 30, 2019. On January 31, 2018, the parties agreed to convert 75% of the Debenture amount owed, both principal and interest, into shares of common stock (par value $0.001) of Novo Healthnet Limited’s parent company, Novo Integrated Sciences, Inc., a Nevada corporation, in lieu of accepting a cash payment for 75% of the amount owed, both principal and interest. On September 27, 2019, the parties agreed to extend the term due date, for payment of the Debentures’ principal and interest owed, to September 30, 2021.

 

Effective November 2, 2021, Michael Gaynor Physiotherapy Professional Corporation agrees to extend the term due date for payment of the Debentures’ principal and interest owed, to December 1, 2023, with no penalties incurred and with all terms and conditions, as defined in the Debenture, remaining in full force and effect.

 

APPROVED    
     
Debenture Holder   Debenture Issuer
Michael Gaynor Physiotherapy   Novo Healthnet Limited
Professional Corporation    
     
/s/ Michael Gaynor   /s/ Robert Mattacchione
Michael Gaynor   Robert Mattacchione

Authorized Signing Officer

  Authorized Signing Officer